Regent Inns puts bars up for sale

Regents Inns has put seven of its Walkabout bars up for sale as part of a £25m sale and leaseback scheme.

The seven bars are located in Barnsley, Blackpool, Derby, Exeter, Newquay, Shepherds Bush and Wigan.

Regent currently operates 50 Walkabout bars in its total estate of 98 sites which also includes the Jongleurs and Old Orleans brands.

Bob Ivell, chairman of Regents Inns, said: “The sale and leaseback, together with our ongoing disposal of non core assets will deliver a more robust trading platform for the business going forward.”

Ivell added that all the sites were available with a 30 year lease structure which would provide sustainable rent levels while allowing room for reinvestment and development of the sites.

The operator is currently looking at ways to reduce its costs after it admitted to disappointing sales at the end of 2007 that had led to it entering early stage talks over the potential sale of the company.

A sale and leaseback programme was one of the cost saving measures muted last month.